Data breaches seem to be occurring more and more frequently – a very scary thought for many Canadians. A data breach is when sensitive, protected, or confidential data is stolen from an organization.
This information can be used to steal a victim’s identity and commit fraudulent crimes. As you can imagine, having your personal information stolen can cause major issues when it comes to your credit score and your ability to access credit. If you’re worried you may have been affected by a data breach, here’s what you can do to protect yourself.
1. Monitor your credit score and credit report
It’s important to monitor your credit score and credit report so you’re aware of any changes. In response to data breaches in the past, Borrowell has introduced more frequently updated credit scores and now provides your full Equifax credit report. Being able to see your full report can help you get the full picture when it comes to your finances. Here’s what to look for using Borrowell:
Check for a significant drop in credit score (30 points or more). It may signal that something isn’t right in your credit profile.
Check your inquiries on your credit report to ensure you’ve authorized them. Unauthorized credit inquiries may suggest your identity could have been stolen.
If you’re not a Borrowell customer, you can get your free credit score and credit report in under 3 minutes. If you’re already a Borrowell customer, continue to pay close attention to your next score and report update to monitor for suspicious activity.
2. Monitor your credit card statements and bank accounts
Another helpful way to protect yourself against identity theft is to monitor your credit card statements and bank accounts closely. Keep an eye out for any transactions you didn’t authorize and report any issues to your bank or credit card company right away.
3. Report any theft or crime
If you identify a concern that involves a theft or crime, report the incident to local police. You can also report scam or fraud to the Canadian Anti-Fraud Centre. Tell your bank and credit card companies and close any accounts and cards that may have been compromised immediately.
At Borrowell, our mission is to help Canadians make great decisions about credit. Part of this means giving you the tools you need to protect your finances and your ability to access credit. We encourage you to pay close attention to your credit score so you can protect yourself from these incidents.
Get your free credit score and free credit report from Borrowell in under 3 minutes. You’ll receive weekly updates with your refreshed score and report, personalized product recommendations, and tips and tricks to improve your credit profile. Sign up today!